Fox Island Real Estate Report

The median sales price for Fox Island dropped 16% to $427,000 and 109 days on the market. Days on market increased 58%. 7 homes sold on Fox Island in October which fell 86%. It’s a buyer’s market on the Island this fall!

Where do real estate buyers shop?

FHA Mortgage Limits in Washington State

King, Pierce, and Snohomish County have the highest loan limits in Washington State at $517,500 with San Juan County at $483,000.

Chelan County, $342,700
Clallam County, $384,100
Clark County, $362,250
Douglas County, $342,700
Island County, $322,000
Jefferson County, $322,000
Kitsap, $307,050
Skagit, $315,100
Skamania, $362,250
Thurston, $293,250
Whatcom, $304,750
All other counties in Washington State not listed above

Contact Eric Paffenroth at Keller Global for more information! Your real estate expert in Gig Harbor, Tacoma, and Bonney Lake.

Do I need “Prefect Credit” to Buy a Home?

Many first-time home buyers believe that they have to have perfect credit score and 15-20 percent for a down payment. If you look at the attached chart you will see that credit scores have dropped over the years and down payment has decreased.

With interest rates being under 4%, this is the best opportunity for home ownership.

Powered by Keller Global, author Eric Paffenroth

Working with a mortgage broker in 2015

When buying a house for 2015, it’s critical you align yourself with a mortgage broker that has underwriting in house. Many brokers rely outsourcing the underwriting which causes all kinds of problems when trying to close on time or to fall apart entirely.Sit down with your mortgage advisor and understand your credit score, affordability, down payment requirement. Ask for a pre-approval letter before you start shopping for a new home.

Does Zillow and Trulia Provide Accurate Information?

Many people ask me if Zillow and Trulia are accurate and in many cases they are not. They do not take information from MLS and are not members and much of the information is gathered from 3rd party websites. Websites like mine and Redfn are members of MLS and all the information follows strict compliance and is the bible in the Real Estate World.

The Gig Harbor Pulse

The Gig Harbor inventory is up 60% with an increase of sales of 37.5%. The average sales price is down 16% to $405,000 and average days on market is 75.

Lake Tapps Water Level

Cascade Water Alliance has started to fill Lake Tapps this week after extensive construction improvements on the outflow side of the lake. Hopefully it will be full for the Summer months.

We had a dry winter with low snow packs. It will be interesting to see how the lake will be managed moving forward!

It’s a Seller’s Market in Real Estate!

Gig Harbor Report, Feb 2015

When you have low inventory and a high demand to purchase homes this makes for a perfect market for Seller’s. 2015 will be year to get your home sold quickly! Gig Harbor has a medium sales price of $468,530, up 5.8% percent.

Should I have a Geotechnical Survey when I buy waterfront property?

IMG_4181When dealing with waterfront properties that sit on mid to high bank, it a smart idea to have Geotechnical Survey done. Most sellers will include the study before they sell to make it more marketable. Most building permits will require the survey in order to build a new home. Many home owners want to build as close to the hill/edge to capture the best views, but this could be a bad idea if there is a history of slides in an area. Contact Keller Global for the most experienced Geotechnical Engineers in your area.